Serica's strategy has been to identify asset acquisitions where we can unlock value. We will continue to focus our expertise on the UK North Sea
Serica was formed in 2004 and since that time has been an active explorer, developer and producer of oil and gas fields in the UK and around the world. In recent years, Serica has shifted its focus to production in the UK North Sea, initially acquiring an 18% share in the Erskine field in 2015.
Serica’s strategy has been to invest where it sees it can add value. This is true for the Bruce, Keith and Rhum (BKR) acquisition, completed in November 2018. Serica became the Operator of the assets which enabled its staff and management to apply the control and focus required to simplify processes, increase production uptime, reduce costs and so extend the life of the Bruce facilities and the BKR fields that tie into Bruce. The innovative deal was structured to share risks and rewards with the sellers through a profit-sharing agreement, which incentivises all parties to succeed and reduced the necessity for debt.
The acquisition enabled Serica to grow its operational expertise, focussed on operating the BKR assets, but also well-placed to grow as an organisation to take on and improve more operated assets. Serica has over 170 staff, located in the Aberdeen operational centre, offshore on the Bruce platform and in the London corporate headquarters. At the start of 2022 Serica had over £218 million in cash, cash equivalents and hedging advances, no debt and limited decommissioning liabilities.